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SEC commissioner calls for review of for-profit exchanges rules

The self-regulatory organisation framework for for-profit US stock exchanges is obsolete and needs to be reviewed since it was formulated in the backdrop of “private, mutualised” bourses, “a context that no longer exists”, Daniel Gallagher, commissioner at the Securities and Exchanges Commission, said on Thursday.

In prepared remarks given to a Securities Industry and Financial Markets Association conference in New York, Gallagher argued that the current SRO regime - whereby the Financial Industry Regulatory Authority serves as an SRO for exchanges and brokers - inherently creates a risk that Finra becomes a “selectively regulatory organisation”.